How to Take Profits Today as OPEC Spooks the Markets 4-13-20
Welcome to Stocks for Breakfast, Monday April 13, 2020...
Stock market futures are trading lower with many saying the OPEC production deal as the reason.
Based on reading the tape I say it's profit taking.
The Dow Jones Industrial Average was up 12.7% last week and the SPY ETF advanced 12.09%. Both hefty stock market rallies in need of a pause.
In today's episode of Stocks for Breakfast we discuss how to manage your trading profits based on the current market conditions.
Certain situations call for quick profits, other call for long-term positions.
We also review the weekly charts and I give you my personal watch list so you can see the types of stocks I trade on a daily basis.
Scans: The video wraps up with a breakdown of how I cans for stocks. I give you the exact criteria I look for.
Trading Game Plan 4-13-20
Today's best stock picks focus on reversals. In our game plan we review which stocks to trade bases on breakouts, and which stocks show profit-taking reversals.
Watch: Today's Best Stock Picks
The central discussion centers on whether or not the market hit resistance and if that means we should begin looking for stocks to sell short.
The SPY ETF in particular hit a major resistance level.
We begin discussing a huge win from Thursday and Friday that was actually a losing trade about a week ago.
This trade shows this importance of a tracking journal. Never give up on a good idea.
Remember there's a difference between a bad trade and a losing trade.
This was a good trade that lost money, but the idea was still valid, and trade #2 was a big winner that reached our profit target in just two days!
There's a quick lesson on whether you should place an alarm or actually buy the stock at your desired price. I think my answer will surprise you.
In total we review 22 stocks for tomorrow's trading game plan. We have a mix of stocks on both sides of the market.
We drill a little deeper into both the tech sector and the financials.
Have a great day!
Be safe.
Pete
